Spirulina Market Progresses for Huge Profits by 2023
Research Reports
Dec 29, 2020
Market Overview
Constant discovery of new food products have been diversifying the market for food manufacturing significantly. Market Research Future which concentrates on market reports linked to the food and beverage sector amongst others recently made available a report on this sector. The sector is expected to achieve USD 416.11 million in revenues by the year 2023 at a CAGR rate of 8.02 per cent during the forecasted period.
Its properties as a super food has been one of the prime reason for its addition slowly into mainstream food preparations. Its usage especially in the food and beverage, cosmetic and healthcare sector has been one of the key drivers for the growth of this market. Swelling customer sentience on health and wellness and their mounting attention to embrace spirulina as a natural food color instead of synthetic colors will be beneficial for the growth of the sector in the forecast period.
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Detailed Regional Analysis
The international spirulina industry is segregated into Asia Pacific, Europe, North America and Rest of the world. Between these, the Asia Pacific region is anticipated to maintain its supremacy throughout the forecast period due to healthy economic growth, intensifying urbanization, and swelling middle class population. The North American market is likely to reach USD 129.20 million by the year 2023. Nevertheless, the rest of the world segment is estimated to multiply at a moderate CAGR of 7.54 per cent through the forecast period.
Global Competitive Analysis
The products that are on offer presently vary greatly due to the reason of the strong pace of technological discoveries. The rewarding scenarios accessible in this market are being utilized by candidates who are trying to extend their market coverage by centered development which will prove to be perfect for the growth of this industry sector. This has raised the chances for the approaching growth period. The companies in this industry space are connecting their resources to achieve their vision for achieving a considerable portion of the business as early as possible. This consequence is productive for firms so that they may maintain fiscal liquidity to take the best conclusions in terms of strategy execution and planning. The major market players in the Spirulina Market chiefly are DIC Corporation (Japan), Hydrolina Biotech Private Limited (India), E.I.D. Parry (India) Limited (India), Cyanotech Corporation (Hawaii) and Tianjin Norland Biotech Co. Ltd (China).
Industry Segments
The segmentation of the spirulina market around the globe has been categorized on the basis of form into capsule & tablet, powder, liquid, and gelling agent. The powder category is anticipated to amass maximum market share and is projected to grow at CAGR of 8.23 per cent during the forecast period. On the basis of applications the industry of spirulina market is segmented into food & beverages, cosmetic care pharmaceuticals, nutraceuticals & personal care among others. Between all the applications, the nutraceutical portion is assessed to witness the maximum growth at a CAGR of 8.34% in the forecast period.
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